Start-up Nation ? Slave Wealth and Entrepreneurship in Civil War Maryland ⇤

@inproceedings{Gonzlez2015StartupN,
  title={Start-up Nation ? Slave Wealth and Entrepreneurship in Civil War Maryland ⇤},
  author={Felipe Gonz{\'a}lez and Guillermo Marshall and Suresh Naidu},
  year={2015}
}
Slave property rights yielded a source of collateral as well as a coerced labor force. Using data from Dun and Bradstreet linked to the 1860 census and slave schedules in Maryland, we find that slaveowners were more likely to start businesses prior to the uncompensated 1864 emancipation, even conditional on total wealth and human capital, and this advantage disappears after emancipation. We argue that this is due to the superiority of slave wealth as a source of collateral for credit rather… CONTINUE READING